Senior Helpers proudly offers one of the most affordable home care franchises for buyers. Our franchise startup costs offer a low barrier to entry for investors, with a starting investment as low as $127,800.
Before buying a franchise, it’s important that you understand the costs in detail. To help, we’ve broken down the estimated costs of a Senior Helpers franchise.
In this post, you’ll find estimates for all of the major startup expenses required for a Senior Helpers home care franchise, along with information about how these expenses are used.
Startup Costs for a Senior Helpers Franchise (2023)
The total startup costs for a Senior Helpers franchise range from $127,800 to $171,800. These estimates represent the initial investment for a single franchise unit in a new franchise territory.
The total costs for a new franchise can be further broken down into 14 distinct items, which we’ve listed below.
Each item includes an estimated cost. Items with variable costs include a low to high range. These costs may change based on local factors, access to financing, and/or decisions you make when starting your business. We’ve also included a brief description for each item that explains what is covered by these costs.
All of the amounts cited in this blog post are based on data from the 2023 edition of the Senior Helpers Franchise Disclosure Document (FDD). For more information about these amounts, you can refer to Item 7 of the FDD.
Franchise fee
Amount: $55,000
Details: The franchise fee is paid by franchise owners when they sign the Franchise Agreement. This covers the cost of a single Senior Helpers franchise territory. We offer a discount on this fee for qualifying veterans and minority investors.
Travel and living expenses for training
Amount: $1,500 to $3,000
Details: New franchisees receive 104 of training, plus an additional 49 hours of in person classroom training. Franchisees are responsible for their own travel and living expenses for the in-person portion of the training program. Our low estimate for this item assumes that you are within driving distance of our training location. The high estimate assumes that you will incur costs for lodging, food, and transportation.
Lease, utility, and security deposits
Amount: $3,000 to $4,000
Details: Senior Helpers requires your business to operate from a physical office. Most franchises need approximately 1,000 square feet of office space. The estimate for this item includes rent, utility, and security deposit expenses. The estimate range for this item reflects the varying costs of commercial real estate in different markets.
Leasehold improvements
Amount: $2,500 to $6,500
Details: In addition to the rent, utilities, and deposits, franchise owners can expect to invest in leasehold improvements. These improvements can include painting, flooring changes, lighting upgrades, workplace partitions, and similar changes to your office. The total amount will depend on costs within your market and the condition of the leasehold property.
Furniture, fixtures, and computer systems
Amount: $7,000 to $9,000
Details: Additional investments will be required for furniture and fixtures, as well as telephone and computer systems. Items included in this category include desks, chairs, signage, computer hardware, phone and internet services, and software licensing. Our estimates include licensing fees for Senior Helpers software and the LIFE Profile™ license.
Supplies
Amount: $700 to $1,500
Details: Franchise owners can expect to invest the above amount in office supplies, such as pens, paper, file folders, binders, etc. The cost of these items can vary based on local pricing and how your location plans to manage files and records.
Promotional items
Amount: $2,000 to $4,000
Details: New franchises will need to invest in promotional items, such as branded mugs, pens, note pads, candy jars, etc. These items must be sourced from an approved vendor. This estimate includes printing services costs for promotional pamphlets, booklets, and other literature.
Initial advertising
Amount: $3,000 to $6,000
Details: Senior Helpers strongly recommends that new locations advertise and market their business in the months prior to opening, as well as during the first few months of operations. We work directly with new owners to create an “Off to the Races” marketing and lead generation plan. This estimate reflects the suggested range for advertising and marketing spend for new locations.
Business license and permits
Amount: $0 to $12,500
Details: New Senior Helpers franchises may require licenses or permits for their business. These licenses and permits may include specific requirements for home care service providers. Costs for licenses and permits can vary widely depending on the city and state in which your business is based.
Legal and professional fees
Amount: $100 to $1,300
Details: Senior Helpers strongly recommends consulting with an accountant, attorney, risk management and/or business advisor before purchasing a franchise business. We also recommend consulting with an attorney and/or business advisor regarding any third-party legal or business agreements (such as a lease) that you enter in connection with your franchise.
Insurance
Amount: $3,500 to $5,000
Details: Our insurance estimate includes the initial premium for property and public liability insurance. These costs can vary based on market, carrier, coverage, and other factors. Note that this estimate does not include other coverage, including workers’ compensation, which varies widely from market to market.
Senior Helpers sets minimum insurance requirements for franchises. We also recommend that you seek the advice of an independent risk management professional and/or insurance broker to determine any additional coverage you should have in place.
Recruitment
Amount: $1,000 to $2,000
Details: The estimated recruiting costs include expenses for recruiting office staff and caregivers. These costs may include fees for job postings, advertising, paid referrals, and background checks.
Staffing
Amount: $22,000 to $25,000
Details: You will need to hire a full-time office support person and marketing person before opening to help you with scheduling and other office administrative duties and marketing initiatives. Additional staffing is critical to managing and growing your business in a timely manner.
Additional funds (3 months)
Amount: $26,500 to $37,000
Details: This is an estimate only for additional expenses in the first three months after opening your franchise. It includes items such as initial payroll and payroll taxes for employees and caregivers. It also includes continuing expenses for rent, repairs and maintenance, professional services, advertising and marketing, business supplies, taxes and licensing fees, franchise fees payable to Senior Helpers, and other miscellaneous items.
If you purchase a franchise, the expenses you incur during the start-up period for your business will depend on factors such as local economic and market conditions, whether your business is located in a new market or a mature market, your experience and business acumen, competition, and the sales level you reach during this initial period.
With the exception of the franchise fee, Senior Helpers cannot guarantee your expenses will fall within the estimates described for each of these items. However, you can confidently use these estimates as a guide while you make decisions and prepare to enter into the franchise agreement.
Request Info on Senior Helpers Franchise Opportunities
For more information about Senior Helpers home care franchise opportunities, we encourage you to read the latest copy of our FDD.
Additional details about each of the items in this blog post can be found in Item 7 of the FDD. These details include when the amount(s) are due, to whom the amount(s) are payable, and any franchisee obligations attached to each item.
You can find more information about our most recent Franchise Disclosure Document here. To get a copy of the FDD, simply contact our franchise development team.
Contact us online or book a one-on-one meeting to learn more about Senior Helpers home care franchise opportunities.